Oman expects a budget deficit of 1.3 billion Omani rials ($3.39 billion) in 2023, or 3 per cent of its gross domestic product, after a forecasted budget surplus for 2022 as higher oil prices increased public revenue.
The Gulf country expects total public revenue to rise to 11.65 billion rials in 2023, up 10 per cent from the 10.58 billion rials of revenue in the approved budget for 2022, Oman's Ministry of Finance said in a report on its website.
Public spending is forecast to increase to 12.95 billion rials in 2023, up 7 per cent from the 2022 approved budget, according to the ministry.
The revenue and spending estimates for next year are based on an oil price assumption of $55 per barrel that takes into account uncertainty facing the global oil market, a slowdown in China's economy due to Covid-19 restrictions and the potential of a global economic recession, the ministry said.
Public debt is projected to stand at 18.6 billion rials at the end of 2023, compared to a forecast of 17.7 billion rials of debt by the end of this year, it said.
“Despite the recovery in oil prices and economic activities, the financial and economic challenges still persist, and government debt is still at high levels,” the ministry said in its report.
“Moreover, forecasts of the global economy are unstable, which calls for rationalising spending and committing to the approved allocations in the state's general budget.”
The ministry said economic and financial risks to the fiscal performance can arise from global macroeconomic conditions such as the threat of a worldwide recession, decline in global oil demand, higher interest rates, high debt servicing costs, “intensified” geopolitical tensions, supply chain disruptions, high inflation rates and climate change.
In 2022, Oman expects to post a budget surplus of 1.14 billion rials by the end of the year, the ministry said.
Public revenue is set to rise to 14.23 billion rials as oil prices averaged $94 per barrel against an assumed price of $50 per barrel, leading to higher oil revenue of 7.45 billion rials. Non-oil revenue is expected to reach 3.22 billion rials.
Public spending is forecast to reach 13.09 billion rials due to an increase in development budget allocations, a rise in civil ministries' expenditure and an increase in contributions and other expenses, the ministry said.
Public debt is projected to stand at 17.7 billion rials in 2022, as the government used the windfall from higher oil prices to repay and pre-pay outstanding debt, thereby reducing the debt-to-GDP ratio to 42.6 per cent, the ministry said.
Oman is poised to post its first yearly fiscal surplus in a decade this year, a Fitch Solutions report released in August showed.
The International Monetary Fund forecasts that Oman’s real GDP will grow to 4.4 per cent and 4.1 per cent in 2022 and 2023, respectively, from 3 per cent in 2021.
Killing of Qassem Suleimani
Zayed Sustainability Prize
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
How to help or find other cats to adopt
The%20specs
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Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
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HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
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The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Scoreline
Abu Dhabi Harlequins 17
Jebel Ali Dragons 20
Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson
Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Huddersfield Town permanent signings:
- Steve Mounie (striker): signed from Montpellier for £11 million
- Tom Ince (winger): signed from Derby County for £7.7m
- Aaron Mooy (midfielder): signed from Manchester City for £7.7m
- Laurent Depoitre (striker): signed from Porto for £3.4m
- Scott Malone (defender): signed from Fulham for £3.3m
- Zanka (defender): signed from Copenhagen for £2.3m
- Elias Kachunga (winger): signed for Ingolstadt for £1.1m
- Danny WIlliams (midfielder): signed from Reading on a free transfer
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
